Analysts have uncovered details from a March filing with the SEC suggesting that the regulator may contemplate classifying Ether as a security. The filing, initiated by BlackRock for a spot Ether ETF, has extended the deadline for the SEC to decide on its approval until June and has solicited public feedback on whether the investment vehicle should be categorised as a commodity. This move indicates a potential grounds for denial based on the argument that these spot filings are inappropriately categorised as commodity-based trust shares and may not qualify if they are holding a security. The decision by the SEC, expected by May 23, on VanEck’s spot Ether ETF could set a precedent for other pending applications from various firms including ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity. Grayscale, which withdrew its spot Ether ETF application on May 7, adds to the uncertainty surrounding the SEC's stance on Ether. The classification of Ether as either a security or commodity is central to the SEC's decision-making process, despite prior statements from Chair Gary Gensler indicating Ether is not a security. Gensler's forthcoming address at the Investment Company Institute summit in Washington, D.C., on May 23 may shed further light on the SEC's stance towards Ether.